Hyden, Miron & Foster, PLLC Law Blog

Tuesday, December 19, 2017

Study Shows More than Half of Americans Don’t Have an Estate Plan

Earlier this year a survey was conducted that revealed Americans are alarmingly unprepared for end-of-life issues.  Most don’t have any form of will, and only about half have a durable power of attorney.  This lack of preparation can have dramatic consequences, so for most Americans this should be a wake-up call to get around to making their own plans. Not sure where to start? Consider talking with an

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Wednesday, November 29, 2017

Estate Planning Is Not Just About the Death

Who can make medical decisions on my behalf if I become incapacitated?

For single individuals without children, estate planning may seem like an unnecessary endeavor.  Some of us may simply not care who receives our assets after our death.

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Saturday, November 11, 2017

What You Need to Know When You Hold Assets in Foreign Financial Accounts

There’s nothing illegal about keeping assets in foreign accounts, and for many investors, businessmen, and other international citizens it’s a smart financial decision. But the federal government has some rules about foreign financial accounts, and if you don’t follow them you can land yourself in some very hot water. The best way to approach foreign financial matters is to coordinate with a

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Tuesday, October 17, 2017

The GOP Tax Plan and You

How might the proposed new tax plan impact my taxes?

President Trump and the GOP recently released a tax plan that it claims will benefit the middle class and small business owners.  While the plan is still being flushed out and more details are to come, it is important to review the basics of the plan now so that you can start to assess its personal impact on your family.  Our
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Sunday, October 1, 2017

Who Should I Assign As My Trustee?

We all die at some point, and it is important for us to start thinking about what will happen to our assets when we are no longer around. There are several estate planning tools to choose from. For those with few assets, a simple will may suffice. However, those with larger estates tend to use trusts. An experienced

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Saturday, September 23, 2017

Reducing Your Taxable Estate with Trusts

How can I use trusts to reduce the taxes my estate will pay?

You work hard throughout your lifetime to set aside money and assets for your loved ones. When you die, the last thing you want is to see your property liquidated to pay off costly estate taxes. Estate taxes are historically expensive, costing your estate somewhere between 45 and 55 percent. Estate taxes must be paid in cash, often requiring the liquidation of assets. However, if you plan ahead, you can reduce or eliminate your estate taxes by using trusts and other
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Monday, September 11, 2017

What You Need to Know About Special Needs Planning

If you have a child or other dependent with special needs, end of life planning is extremely important and cannot be left to chance. You want the best for your loved ones and want to ensure that they have the best possible resources to get them through the rest of their lives. In order to ensure that your loved ones are not missing out on important government benefits, you should work with an experienced

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Tuesday, August 22, 2017

Do Americans Pay the Most in Corporate Taxes?

How can I reduce my corporate taxes?

The corporate tax rate is being discussed at length among politicians and the nation.  President Trump has declared that America has the highest corporate tax rate in the world.  His goal is to lower the corporate tax rate to assist businesses in the U.S.  Others questions whether businesses in fact pay a high tax rate as the laws stand now.

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Friday, August 18, 2017

What is an Offer in Compromise and How Can it Help Me?

Having a significant tax bill hanging over your head can make life more difficult than it needs to be. Fortunately for some, the 2012 IRS Fresh Start Program may provide some financial relief. Through the Fresh Start Program, qualified taxpayers can obtain what’s known as an Offer in Compromise (OIC) to reduce their tax debt owed. IRC 7122 empowers the IRS to settle tax debts with an agreement to reduce the tax burden owed by the taxpayer.  There are requirements that you must meet in order to obtain an OIC, so it is best to work with an experienced Read more . . .

Monday, July 17, 2017

What Happens If I Don’t File My Taxes?

Can I still file my taxes for 2016 this year?

The April 2017 tax filing deadline has come and gone, and you still have not filed your taxes.  If you didn’t file your taxes for this year, do not dismay, as you still have options to bring yourself into compliance. Failure to file taxes can lead to penalties and loss of your refund, so contact a Read more . . .

Tuesday, July 11, 2017

Is the Charitable Tax Deduction Going Away?

“Uncertainty” is one of the buzz words thrown around in the media when discussing Washington politics these days, and it definitely applies to those who like to take advantage of the charitable gift tax deduction to direct their tax dollars towards the good causes of their choice.

There are strong indications that the current administration intends to make efforts to reduce the availability of charitable donation deductions, as well as significant questions surrounding its ability to generate the political momentum to accomplish such a task.  Given the current circumstances, those inclined to utilize the charitable giving deduction should stick to the old adage: hope for the best, but plan for the worst. Talking to a Read more . . .

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